Around 7,400 jobs have been transferred or created from the UK to the European Union. Bankers told Reuters news agency that the movements of some employees had been delayed due to travel restrictions due to the Coronavirus. The total of 440 moves is higher than expected and well above the 269 in the 2019 New Financial survey. The think tank assumes the actual number is much higher than 500 companies.
Dublin has benefited the most with 135 moves, followed by Paris with 102, Luxembourg 95, Frankfurt 63 and Amsterdam 48. Banks have transferred more than 900 billion pounds of assets from Britain to the European Union, while insurance companies and asset managers have more than 100. One billion pounds in assets and money. “We expect Frankfurt to be the winner in terms of long-term assets, and ultimately Paris to be the biggest beneficiary in terms of jobs,” the study said.
The study predicts that between 300 and 500 smaller financial firms in the European Union will open a permanent office in Britain, which is much lower than prevailing expectations of around 1000. London will remain the dominant financial center in Europe for the foreseeable future, but its influence will continue to collapse.
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